SECTION 260:80-1-33. Liquidation

(a)   Whereas the Legislature authorizes state participation in federal assistance programs to provide federal surplus property to donees in the state, it assigns the Director of the Office of Management and Enterprise Services to appoint the Surplus Property Agent and authorizes the Agent to effect property transfer to donees. Should the Legislature determine that the state should terminate participation, the Director and the Agent shall provide public notice of final distribution of property, liquidation of agency assets, distribution of liquidation proceeds, designation of a successor agency to perform continuing agency obligations and retention of agency records pursuant to a liquidation plan as required by 41 CFR 102-37.365 and 102-37.370.

(b)   If the Legislature acts to terminate the agency, the Director and Agent shall issue notice to GSA within 10 days of the date of final legislative and gubernatorial action advising effective dates of the action, reasons and, if applicable, terms the action specifies for agency termination.

(c)   Within 20 days of the date of final legislative and gubernatorial action, the Director and Agent shall submit a liquidation plan to GSA of proposed steps and a timetable to effect liquidation.

(1)   The liquidation plan shall include methods of property distribution such as transfer to federal agencies, transfer to other State Agencies for Surplus Property and transfer to donees.

(2)   The liquidation plan shall include methods and dates of public notice.

(3)   The liquidation plan shall include legislative requirements or Director proposals for distribution of Agency financial and physical assets.

(4)   The liquidation plan must include methods and dates for disposal of federal property and Agency physical assets through public auction.

(5)   The Director and Agent shall specify a successor agency to ensure continuing Agency obligations on property donated prior to the closing of the Agency are fulfilled as a part of its liquidation plan.

(6)   The liquidation plan shall include methods of record retention and location of records storage for two years following liquidation.

(7)   The liquidation plan shall include methods to finalize disbursement of Agency funds for liquidation activities.

(8)   The liquidation plan shall include a final Agency termination date.

(d)   Within 30 days of submission of the liquidation plan to GSA, the Director shall commence the liquidation plan.

(e)   The Director may include GSA recommendations in the liquidation plan.

(f)   The Director shall include GSA requirements in the liquidation plan.

(g)   The Director shall issue notice to GSA upon completion of Agency liquidation that includes summaries of property and asset distribution and disposal, and financial assets distribution and disbursement.

[Source: Added at 31 Ok Reg 1482, eff 9-12-14]